DDM Analysis: 5490.TWO

Valuation Snapshot

Stable Growth	$28.24 - $65.11	$41.28
Multi-Stage	$118.61 - $131.07	$124.72
Blended Fair Value	$83.00
Current Price	$32.05
Upside	158.97%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.00	0.00	1.23	2.03	1.51	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	-39.11%	33.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.00%	4.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	138.28
(-) Cash Dividends Paid (M)	32.60
(=) Cash Retained (M)	105.68

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27.66	17.29	10.37
Cash Retained (M)	105.68	105.68	105.68
(-) Cash Required (M)	-27.66	-17.29	-10.37
(=) Excess Retained (M)	78.02	88.39	95.31
(/) Shares Outstanding (M)	93.73	93.73	93.73
(=) Excess Retained per Share	0.83	0.94	1.02
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	0.83	0.94	1.02
(=) Adjusted Dividend	1.18	1.29	1.36
WACC / Discount Rate	2.10%	2.10%	2.10%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$28.24	$41.28	$65.11
Upside / Downside	-11.89%	28.80%	103.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	138.28	136.90	135.53	134.18	132.83	131.51	135.45
Payout Ratio	23.58%	36.86%	50.15%	63.43%	76.72%	90.00%	92.50%
Projected Dividends (M)	32.60	50.46	67.96	85.11	101.90	118.36	125.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.10%	2.10%	2.10%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	48.93	49.43	49.93
Year 2 PV (M)	63.89	65.20	66.53
Year 3 PV (M)	77.57	79.97	82.42
Year 4 PV (M)	90.06	93.79	97.64
Year 5 PV (M)	101.41	106.70	112.19
PV of Terminal Value (M)	10,735.82	11,294.86	11,876.95
Equity Value (M)	11,117.68	11,689.95	12,285.65
Shares Outstanding (M)	93.73	93.73	93.73
Fair Value	$118.61	$124.72	$131.07
Upside / Downside	270.09%	289.14%	308.97%

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LBC	Luther Burbank Corporation	1.41%	$0.13	17.07%
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PATK	Patrick Industries, Inc.	1.40%	$1.54	44.05%
CXT	Crane NXT, Co.	1.39%	$0.66	24.82%
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MMS	Maximus, Inc.	1.39%	$1.21	21.54%
WYNN	Wynn Resorts, Limited	1.39%	$1.70	34.98%
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HYAC	Haymaker Acquisition Corp. III	1.38%	$0.16	37.41%
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MCY	Mercury General Corporation	1.38%	$1.27	16.00%
ACU	Acme United Corporation	1.37%	$0.55	28.31%
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RTX	RTX Corporation	1.36%	$2.56	52.52%
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AL	Air Lease Corporation	1.35%	$0.86	9.51%
BGCP	BGC Partners, Inc.	1.34%	$0.06	11.88%
ESRT	Empire State Realty Trust, Inc.	1.34%	$0.09	49.94%
HUM	Humana Inc.	1.34%	$3.55	33.23%
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BY	Byline Bancorp, Inc.	1.33%	$0.39	13.97%
LPX	Louisiana-Pacific Corporation	1.33%	$1.09	35.19%
OPOF	Old Point Financial Corporation	1.33%	$0.56	32.91%
WSM	Williams-Sonoma, Inc.	1.33%	$2.50	27.85%
RUSHA	Rush Enterprises, Inc.	1.32%	$0.71	21.15%
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XAC Automation Corporation (5490.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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